18 September 2012 10:40 [Source: ICIS news]
Naphtha prices for the first half of November fell by $30/tonne (€23/tonne) from Monday to close at $961-963/tonne CFR (cost & freight) Japan on Tuesday, the weakest since 22 August, ICIS data showed.
In physical trading, Glencore sold a second-half November cargo to Vitol at $956/tonne CFR Japan.
The naphtha crack spread versus November Brent crude futures lost 6.8% from Monday to $108.50/tonne, the lowest since 23 August, according to ICIS data.
The backwardation between the first half-November and the first half-December contracts was assessed at $11/tonne on Tuesday, unchanged from Monday levels, ICIS data showed.
However, the intermonth spread has narrowed from a backwardation of $14/tonne on 11 September, according to ICIS data.
Naphtha prices have been hit by overall weaker crude futures, and supplies from
($1 = €0.76)
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